Showing 1 - 10 of 69
This volume, presenting some of the finest new research on exchange rates and international macroeconomics, contains papers and critical commentary by thirty-two leading economists. Taken together, these papers provide sound evidence about the effects of real and monetary factors on exchange...
Persistent link: https://www.econbiz.de/10014487912
The two papers draw from the brief yet radical reform experiences of five countries-Bulgaria, former Czechoslovakia, Hungary, Poland, and Romania. The first paper describes the financial sector reforms untertaken by these countries since the 1980s, as well as the problems encountered. It also...
Persistent link: https://www.econbiz.de/10014405797
This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the inflation rate, with no effect on output or consumption....
Persistent link: https://www.econbiz.de/10014396006
Persistent link: https://www.econbiz.de/10003589734
This paper develops a theory of inflation inertia based on forward looking staggered price setting in the nontradable goods sector of a small open economy. Unlike current theories of sticky prices, transitions to a lower steady state inflation rate take time even if they are fully credible, and...
Persistent link: https://www.econbiz.de/10014399594
Persistent link: https://www.econbiz.de/10001904146
This paper contains an analysis of the role of international reserves under a regime of pegged exchange rates and under a regime of managed floating. It presents evidence on the stability of the demand for reserves during the periods 1963-72 and 1973-75. It is shown that the demand for reserves...
Persistent link: https://www.econbiz.de/10012478863
Persistent link: https://www.econbiz.de/10002165496
Persistent link: https://www.econbiz.de/10001268593
Persistent link: https://www.econbiz.de/10001115486